Shelf Subsea Announces Strategic Sale to DeepOcean

Perth, Australia – May 23, 2025 – SCF Partners is pleased to announce the sale of Shelf Subsea to DeepOcean. 

Shelf Subsea was founded in 2015 by SCF Partners, Viburnum Funds, and a group of experienced subsea industry professionals. Since its inception, the Company has established itself as a trusted provider of subsea services to the offshore oil and gas, renewable energy, telecom, and civil sectors. Headquartered in Perth, Australia, Shelf Subsea has strategic locations across Singapore, Indonesia, Malaysia, Papua New Guinea and Saudi Arabia, and has completed projects in over 30 countries.

Andy Waite, Managing Partner of SCF Partners, stated, “Colin and the team at Shelf Subsea have worked tirelessly to build a leading subsea services provider across the Asia Pacific and Middle East regions. We are extremely grateful for their efforts and are excited to see the business continue to flourish in partnership with DeepOcean. We believe there is a strong strategic rationale for the transaction and that it builds a truly global company in the subsea services sector.”

Colin McGinnis, CEO of Shelf Subsea, said, “Since 2015, Shelf has grown from its initial acquisition of the assets of Caldive to add ROV services through the acquisition of the Bibby Offshore Asia assets, and survey services via the acquisition of Bintang Subsea. Now with three world-class dive support vessels, a strong track record in the subsea services sector, and excellent customer relationships, we are a highly respected turnkey provider of subsea solutions. I am proud of our achievements in partnership with SCF and Viburnum and excited for our future as part of the DeepOcean group. I believe the strong industrial and geographical alignment between Shelf Subsea and DeepOcean is clear, and the combined group will be able to provide customers with a more flexible and integrated suite of services.”

Shelf Subsea was represented by Piper Sandler as corporate advisor, KPMG as financial advisor, BDO as tax advisor, and Norton Rose Fullbright as legal counsel. 

About Shelf Subsea

Shelf Subsea offers engineering and project management for subsea construction and installation work, subsea survey and positioning services, subsea IMR work, and removal and recycling of subsea assets. Shelf Subsea is headquartered in Australia, with additional offices in Singapore, Indonesia, Malaysia, Papua New Guinea, and Saudi Arabia. The Company employees approximately 200 personnel. Shelf Subsea operates a fleet of three chartered multipurpose dive support vessels, along with a range of subsea assets including remotely operated vehicles (ROVs), subsea installation equipment, air diving systems, and a portable saturation diving system, enabling the delivery of complex subsea projects in both shallow and deepwater environments. For more information, please visit https://www.shelfsubsea.com/

About DeepOcean

DeepOcean is a world-leading ocean services provider, enabling energy transition and sustainable use of ocean resources, offering survey, engineering, project management, installation, maintenance, and recycling services for oil and gas, offshore renewables, deep sea minerals, and other ocean services. 

Across the global offices, DeepOcean is a trusted independent solutions provider with highly skilled industry experts, using world-class fit-for-purpose tools and technology to drive cost-efficient and safe operations. The Company delivers innovative engineering solutions focusing on remote and unmanned operations and digitally enabled services while continuously striving to lower the carbon footprint. https://www.deepoceangroup.com/